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UK GDP figures beat expectations
30 Jun 2015 10:10
Britain's economy grew more strongly than previously thought in the first quarter of the year and official figures also revealed a better performance for 2014.
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Gross domestic product increased by 0.4% between January and March, up from a previous estimate of 0.3%, according to the Office for National Statistics.
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The ONS added that a raft of data revisions mean the economy grew by 3% in 2014 - up from earlier estimates of 2.8%.
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The latest breakdown of economic data for the first three months of the year showed real household disposable income rose at the fastest annual pace since 2001 - up by 4.5% year-on-year.
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This helped drive growth in GDP and offset a dire quarter for UK trade.
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Today's upward revision was widely expected, given that economists and the Bank of England had seen the initial estimates as being too low.
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But it still marks a sharp slowdown on the 0.6% growth seen in the final three months of 2014.
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Chancellor George Osborne welcomed the growth revisions, which come ahead of his summer Budget on July 8.
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